INFRASTRUCTURE-

The Riyadh Municipality broke ground on 14 projects worth SAR 245 mn to upgrade roads throughout the capital, it said on X this week. The projects cover roads in high and medium-density neighborhoods and unpaved roads, focusing on improving traffic safety, creating access points to new areas, and reducing dust and water pooling.

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REAL ESTATE-

GIB Capital will manage Al Wouroud 2 Fund, a private real estate fund with over SAR 1.5 bn in investments located in Taif on a 1.4 mn sqm area, it said in a statement yesterday. The fund will include residential, commercial, and tourist areas.

EXPANSION-

Saudi-China Noor technology JV launches: Advance International for Telecommunicationsand Information Technology (Aictec) finalized the establishment of its joint venture with China’s ZKTeco, Noor Technology Company, following their earlier MoU in May, it said in a disclosure to Tadawul yesterday.

The details: The new company, with a capital of SAR 5.6 mn — 60% owned by ZKTeco and 40% by Aictec — will set up a factory in the Kingdom to manufacture security inspection gates, vehicle and pedestrian access control systems, and advanced technology solutions for local and Middle East markets.

AVIATION-

The General Authority of Civil Aviation authorized VistaaJet to run domestic flights, making it the first international private jet operator allowed to do so since cabotage restrictions were lifted in May, it said in a statement yesterday. VistaJet previously only operated in the Kingdom through international routes.

BACKGROUND- KSA anticipated strong foreign investor demand for the private jet industry and has been looking to cater to the growing interest, The National reported. Bringing in foreign private jets is also set to boost Gaca’s goal of increasing the sector’s contribution to GDP to SAR 7.8 bn (c. USD 2.1 bn).

LOCALIZATION-

The Public Investment Fund (PIF) launched the Azm program to train and hire local talent for its projects and portfolio companies, it said on X on Monday. The program will focus on linking training to jobs, developing tailored programs for market needs, and offering specialized training for PIF staff, Al Arabiya reports. It was launched in partnership with Roshn Group, the Human Resources and Development Fund, the Technical and Vocational Training Corporation, and Colleges of Excellence.

DEBT WATCH-

Perfect Presentation for Commercial Services Company (2P) secured an additional SAR 135 mn shariah-compliant credit facility from Arab National Bank, it said in a Tadawul disclosure yesterday. Valid until 20 August 2026, 2P will allocate the funding in awarding new projects in addition to issuing letters of guarantees, letters of credit and invoice financing.

Debt spree? The company renewed earlier in August a SAR 95 mn shariah-compliant facility with the National Bank of Bahrain, and a SAR 330 mn shariah-compliant loan from Riyad Bank in July. While in May, 2P lined up SAR 73.6 mn in financing from the Saudi National Bank and a SAR 265 mn shariah-compliant bank facility with Al Rajhi Bank. The company also got a SAR 135 mn shariah-complaint loan from Gulf International Bank in February.

LOGISTICS-

SadrLogistics leases Sadr Park to Starlinks in a SAR 249.3 mn 2PL warehousing and logistics deal, allowing Starlinks to operate and store their clients’ goods over 10 years effective this September, it said in a Tadawul disclosure yesterday.

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